源聚合

За последнюю неделю инвесторы вывели из спотовых биржевых фондов (ETF) на биткоин $782 млн, показали данные сервиса SoSoValue. Наиболее крупный однодневный отток за этот период зафиксирован в пятницу, 26 декабря, когда из биткоин-ETF было выведено $276 млн.

Against widespread expectations, the second term of Donald Trump as the US President has yielded a positive effect on Bitcoin’s price. While the flagship cryptocurrency has recorded an all-time high since Trump’s inauguration in January, the market has mostly been in consolidation and range-bound phase, with the broader picture still taking on a bearish form. Crypto analysis page XWIN Research Japan recently offered a comparative analysis with the post-election euphoria seen in 2016, to explain why the post-2024 price action is without enthusiasm.

Analyst Explains Why Bitcoin’s Structure Differs Sharply From 2016

In the Quicktake post on CryptoQuant, the research and education institution draws a critical comparison between the 2016 and 2024 post-election periods. Just after Trump’s victory in 2016, the crypto market operated within a low-inflation and low-interest-rate environment, one that is ideal for a market with growing liquidity. Also, the crypto market’s relatively small size allowed for quick accumulation of speculative liquidity. Hence, the market was able to get sufficient capital to serve as fuel for a prolonged, yet powerful, uptrend.

However, early 2025 saw a different market environment and dynamic. The year began and extended into a high-rate period, where financial conditions increasingly became crippling. Also, the larger market size (compared to the post-2016 election market), alongside increased participation among several investors, has structurally reduced the stand-alone importance of political events on price movements. Simply put, policy implementations can barely move Bitcoin’s price alone, especially when encumbered by more liquidity constraints.

LTH-SOPR Ratio Further Reflects Caution

XWIN Research Japan also references data obtained from the Bitcoin SOPR Ratio (LTH-SOPR/STH-SOPR), which reinforces the cautious stance among investors following Trump’s second inauguration. The Bitcoin SOPR Ratio deciphers market sentiment by comparing whether long-term holders are realizing profits more aggressively than short-term holders, serving as an important indicator of whether a price trend is driven by institutional conviction or speculative trading.

According to the research team, Bitcoin’s long-term holders (LTHs) are realizing their limited profits. Short-term holders, on the other hand, are trading within red territory. Historically, this condition is typically found when the market is about to embark on a prolonged journey of demand-supply adjustments.

Based on historical data, it becomes clear that Bitcoin is currently within a fundamentally bearish structure. Although XWIN Research elucidates that “as long as long-term holders maintain relative dominance and short-term holder selling is absorbed, downside may be supported,” but this came with a caveat that upside leadership would likely also remain restricted.

The analytics group further conjectures that a stable growth of Bitcoin ETF inflows, alongside a clear depreciation in LTH distribution, would be pivotal in rescuing BTC from its downward spiral. Until these happen simultaneously, bitcoin might remain in its current state of inertia, or — in the worst case — dive further south. At press time, Bitcoin holds a valuation of about $87,623, recording a slight 0.5% loss since the past week, and a 0.6% ascent since the last 24 hours, according to CoinMarketCap data. 

Инвестиционный директор управляющей криптоактивами компании Bitwise Мэтт Хоуган (Matt Hougan) заявил, что ближайшее десятилетие биткоин сможет приносить инвесторам стабильную доходность, однако большой годовой прирост цены маловероятен.

Bitcoin’s 2025 Q4 performance has been marked by heavy market corrections, pushing prices as low as $80,000. As the premier cryptocurrency struggled to resume its bullish trajectory, recent on-chain data has emerged suggesting little potential for a major price move.

Fading Retail Participation Underscores Bitcoin Market Fragility

In an X post on December 27, renowned market analyst Burak Kesmeci explains that retail participation in the Bitcoin market continues to weaken, with on-chain data showing a renewed slowdown in small transaction activity. Notably, demand from investors executing transactions in the $0–$10,000 range has turned negative again on a 30-day change basis, signaling a lack of fresh retail inflows since mid-December.

The $0–$10,000 transaction cohort is widely used as a proxy for retail behavior, and a sustained negative reading typically reflects declining enthusiasm among smaller investors rather than active distribution by large holders. According to Kesmeci, retail demand began deteriorating around December 14, reversing what had been a brief stabilization period.

At the same time, total retail transfer volume has fallen back toward the $375 million to $400 million range. This contraction suggests that while retail investors are stepping away from the market, they are not rushing for the exits. Instead, activity points to apathy rather than fear, with participants choosing to remain on the sidelines amid uncertain price action. Therefore, while there are no new market inflows, there is also no need for investor panic.

Bitcoin Set For Consolidation 

According to Kesmeci, the decline in Bitcoin retail investor demand suggests continuation of the broader consolidation phase currently gripping Bitcoin. Since mid-December, the premier cryptocurrency has consistently moved between $85,000 to $90,000, facing strong opposition to further movement at both extremes.

The absence of new retail buyers reduces upside momentum, as historically strong rallies have required sustained participation from smaller investors to complement institutional or whale-driven flows. However, the lack of panic selling also indicates that downside pressure remains muted for now.

Bitcoin is likely to remain within its present consolidation range, barring the introduction of a market catalyst. Many optimists expect the new year to begin on a positive note, citing expected rate cuts and a potentially bullish capital rotation from a soaring commodities market. 

On the other hand, some analysts push for market caution, referencing capitulation indicators that suggest the corrections that began in October may extend throughout Q1 2026. At press time, Bitcoin trades at $87,401, reflecting a minor 0.3% gain in the past day.

The narrative surrounding XRP has undergone a fundamental transformation, and the token has begun to trade like an asset that has already endured its most punishing tests. Years of regulatory uncertainty, legal scrutiny, and prolonged underperformance have tempered speculation and reshaped its investor base, leaving behind a market that appears more resilient than reactive.

Why XRP No Longer Reacts To Every Negative Headline

XRP is starting to trade like an asset that has already endured its hardest trials after years of regulatory overhang, which forced it to mature earlier than most digital assets. An ambassador at AstraAIofficial, Winny, revealed on X that the ETFs linked to the token are now live, providing traditional investors with regulated exposure without the operational friction of wallets or exchanges.

At the same time, institutional inflows are rising, with managed assets tied to XRP surpassing $1 billion, a milestone that signals growing confidence. The supply on exchanges balances continues to thin, reinforcing the narrative. Long-term fund purchases don’t trade; they sit, which has changed the pressure dynamics, whether participants would admit to it or not. Most importantly, the regulatory clarity is finally improving, something that the altcoin has lacked for years.

Winny concluded that this is about the altcoin graduating into a different market structure. Meanwhile, all this dynamic doesn’t mean the market will explode tomorrow, but it does mean the fundamentals are quietly shifting, and patience pays.

Institutions Are Choosing The Altcoin For A Reason

Crypto analyst Xfinancebull has explained why it will be too late if no one believes in XRP. The narrative was that ETFs were priced in, but the funds became the fastest altcoin ETF in history to hit $1 billion in Assets Under Management (AUM), with no outflows, no red days, and just steady institutional-sized capital moving in with conviction.

The flow data shows that the funds have absorbed over $666 million in November, followed by another +$470 million in December, with no single outflow day. During the same period, Bitcoin and Ethereum saw hundreds of millions in net outflows, while XRP quietly stacked over 30 consecutive green flow days. Currently, 686 million and 740 million XRP are locked, quietly reducing supply in real-time.

However, the reason the altcoin is being chosen is that it solves what institutions actually need, which are complexity-ready settlement, on-chain liquidity, and global transaction speed. XRP’s price is currently down because the entire market is under pressure; that move is macro, not a failure.

In Xfinancebull’s view, institutions are still accumulating the token with patience and intent. The markets often whisper before they move, but this time the data is screaming, and institutions are already stacked.

According to the latest report, a former Coinbase customer service contractor has been arrested in India for their role in a recent data breach incident. This arrest comes after hackers reportedly bribed customer service representatives or contractors to gain access to customer information at the US’s largest cryptocurrency exchange.

In May, Coinbase revealed that hackers bribed contractors or the company’s employees outside to steal sensitive user information. While the San Francisco-based crypto firm faced backlash for allegedly disclosing the data breach months after initial discovery, several employees of the US outsourcing firm TaskUs were laid off following the incident.

Former Customer Service Agent Arrested In India

On Friday, December 26, a Bloomberg report stated that Coinbase CEO Brian Armstrong announced a former customer service agent had been arrested in India in connection with the data breach that occurred earlier in the year. The crypto exchange estimated at the time of the incident that this information leak could cost as much as $400 million.

Earlier reports suggested that an India-based TaskUs employee was caught taking pictures of her work computer with her phone to sell it to hackers at the start of the year. The suspected employee and an accomplice were providing sensitive Coinbase customer data to malicious actors in return for bribes, Bitcoinist disclosed earlier.

Armstrong said in a post on the social media platform X that the Hyderabad Police have picked up an ex-Coinbase customer service agent, with more arrests still to come. “We have zero tolerance for bad behavior and will continue to work with law enforcement to bring bad actors to justice,” the crypto CEO said.

2026, Start Of A New Coinbase Chapter?

2025 proved to be another challenging year for security across the global cryptocurrency industry, marked by several significant exploits and hacks that rocked the space. As Bitcoinist reported, over $3.4 billion worth of crypto assets were lost to hacks and exploits this year.

However, this latest development would come as a positive step for Coinbase, which largely struggled with platform security in 2025. Earlier in February, an investigative report found that customers lost more than $65 million to social engineering exploits in just two months.

Meanwhile, a 23-year-old Brooklyn man was indicted on 31 counts for allegedly operating a phishing scheme that defrauded about 100 Coinbase customers of approximately $16 million in cryptocurrency. Going into 2026, the cryptocurrency exchange would be hoping to offer a more secure platform for its users.

According to the latest market data, Ethereum has seen an annual record of speculative trading activity in 2025. Below is how much was traded in the ETH derivatives market in the past year.

Ethereum Futures Trading Hits New Yearly Record

In a December 26 post on social media platform X, pseudonymous analyst Darkfost revealed that Ethereum stood out in one regard despite the mixed performance of altcoins in 2025. 

Darkfost highlighted that derivatives trading volumes continued to dominate the entire crypto market this year. However, Ethereum recorded increased activity in the derivative markets in 2025, setting a new record in terms of futures trading for the second-largest cryptocurrency by market cap.

As expected, Binance remained the dominant platform in terms of derivatives trading volume, with its figure further putting things into perspective. According to data highlighted by Darkfost, over $6.74 trillion in ETH futures volume was traded on Binance in the past year, almost double that of 2024, which was already a historical record.

However, this trend was not limited to Binance, as other major exchanges also observed a similar phenomenon. Breaking things down, OKX saw a new record of $4.28 trillion, while Bybit registered $2.15 trillion, and Bitget recorded $1.95T in ETH futures volume.

Darkfost concluded:

All major exchanges therefore converge toward the same conclusion. Ethereum was one of the most traded assets in the world on derivative markets in 2025, highlighting just how strong speculative appetite has been.

What Derivatives Market Dominance Means For Price?

Going further, Darkfost put into perspective the magnitude of futures dominance in the market over the past year. The on-chain analyst revealed that ETH saw $5 in futures trading for every dollar in spot trading, an annual record in the derivatives market.

As observed in the chart above, a spot-to-futures ratio around 0.2 over the year reflects a market heavily tilted toward leverage. According to Darkfost, this trend explains the extreme speculation witnessed in the Ethereum market throughout 2025.

Darkfost noted that a market primarily driven by derivatives tends to be more unstable and less predictable. “Movements tend to be amplified, disorderly, and highly dependent on liquidations, ultimately allowing ETH to register only a marginal new all-time high by just a handful of dollars,” the analyst added.

As of this writing, the price of ETH stands at around $2,932, reflecting an over 1% decline in the past 24 hours. After a mixed performance this year, the altcoin is currently down from its all-time high by more than 40%.

In an important development, a governance dispute within the Aave ecosystem has reignited long-standing concerns around token value capture, operational control, and the blurred lines between decentralized governance and corporate execution. The ongoing debate, which culminated in a highly polarized and controversial DAO vote, highlights broader structural challenges facing DeFi protocols that evolved under restrictive regulatory conditions but now operate at an institutional scale.

Governance Proposal Sparks Heavy Debate Despite Rejection

At the center of the ongoing controversy was a proposal to bring Aave’s brand and front-end assets under direct DAO control, following accusations that Aave Labs redirected protocol-generated fees without prior community approval. Notably, pseudonymous DAO member EzR3aL alleged that fees generated from the DeFi protocol’s integration with decentralized exchange aggregator CoW Swap were routed to a wallet controlled by Aave Labs. 

The critic argued that these fees should have accrued directly to the DAO, drawing an equal opposition from members of Aave Labs. Ultimately, a proposal review was submitted to the DAO seeking complete control of the protocol’s brand assets, such as domains, social media handles, naming rights, etc. Interestingly, more than 55% of voting power opposed the measure, 41% abstained, and just 3.5% voted in favor. 

Commenting on the event, Wintermute CEO Evgeny Gaevoy shared some crucial insights. While recognizing the expectation mismatch between Aave Labs and governance token holders as to who is eligible to what, Gaevoy also criticized the proposal, which he described as premature and lacking critical details. 

The Wintermute boss said: 

I disagree with the forum proposal as it stands now. It makes no sense to commit to a course of action without knowing the specifics. It’s far from obvious how the entity owning the front end and brand would be governed, whether it would be for profit or not, and whether it would actually guarantee value accrual to token holders.

Gaevoy describes value accrual as the “heart of the problem and nudges the Aave Labs to take significant steps in resolving this issue.

Aave CEO’s Response, Vote-Buying Claims, And Path Forward

Following the vote, Aave founder and CEO Stani Kulechov addressed the controversy, emphasizing that disagreement is a natural feature of decentralized governance. He acknowledged shortcomings in communication and pledged to better articulate how Aave Labs’ products generate value for the DAO and general token holders in the spirit of economic alignment. 

Kulechov also rejected claims of vote manipulation tied to his recent $15 million AAVE purchase, stating that the tokens were not used to influence the governance process, but rather showcase his conviction in the DeFi project. Looking ahead, Kulechov stressed that the Aave ecosystem is large enough to support multiple service providers and is committed to improving transparency and alignment. “$AAVE will win,” he concluded, signaling confidence that the protocol can emerge stronger and unified from the governance controversy.

Cardano founder Charles Hoskinson has criticized legacy finance systems, highlighting that networks like Midnight and XRP are already achieving results 100x beyond the ambitions of these initiatives. His statements seemed to focus on structural design and scalability, suggesting that Cardano and XRP’s advantage lies in their architectures and blockchain capabilities. 

Cardano And XRP Outpacing Legacy Finance

In a post on X, Hoskinson shared pointed commentary on the structural gap between established networks and legacy finance systems connected to Canton, a privacy-focused, interoperable Layer 1 blockchain. He noted how Cardano and XRP are already operating far beyond the ambitions and capabilities of these traditional financial systems attempting to enter Web3. 

The Cardano founder made clear that his assessment had nothing to do with market cycles or speculative price momentum. Instead, they appeared to highlight the thoughtful design behind Cardano and XRP, and why their respective infrastructures continue to set native blockchains apart from institutional imitations. 

Notably, both Cardano and XRP were designed with decentralization and global scalability as core requirements. Hoskinson has stated that these features stand in contrast with legacy finance organizations connected to Canton that attempt to adapt blockchain ideas within tightly controlled environments. He indicated that such constraints prevent these systems from realizing their full Web3 potential. 

A primary example cited by Hoskinson in his discussion is Midnight, a new blockchain developed under his leadership. Midnight is a Layer 1 network designed for programmable privacy, addressing long-standing challenges in data protection and compliance. 

This blockchain network introduces a dual economic model through its native NIGHT token and a separate DUST resource used for transaction execution and predictable cost maintenance. Based on his statements on X, Hoskinson has positioned Midnight as evidence that Web3-native systems can meet real-world requirements at a robust scale. 

XRP also presents another pillar of Hoskinson’s comparison. Launched in 2012, the XRP Ledger (XRPL) was designed for high-speed and low-cost settlement of digital assets across borders. Its long operational history and technical stability set it apart from traditional finance systems. 

Over the years, XRPL has grown significantly, leading to speculation that it could challenge legacy payment rails such as SWIFT. Ripple’s regulatory battle with the US Securities and Exchange Commission (SEC) further tested the blockchain network, with the case’s positive outcome reinforcing its legal and operational standing. All of these factors contribute to Hoskinson’s view of XRP as a mature and battle-tested system operating at a scale 100x that of legacy finance.  

The Real-World Asset Comparison 

Hoskinson further explained why he believes that Midnight and XRP are operating at a scale far beyond the ambitions of legacy finance systems with Canton. He argued that tackling the $10 trillion Real-World Asset (RWA) market requires comprehensive technological solutions, not half measures. 

According to him, only complete end-to-end strategies supported by strong partners and engaged communities can succeed in this tokenization space. He emphasized that Midnight and XRP embody these qualities. Their infrastructure and community support give them a significant edge over traditional finance organizations aiming to enter the Web3 space.

Based on reports from industry outlets and internal pricing lists, Bitmain has sharply reduced the asking prices for several of its Bitcoin ASIC models, a move tied to falling mining revenue and bloated inventory.

The cuts place some high-end units near wholesale break-even levels for operators paying standard power rates.

Following the April 2024 halving, which cut the Bitcoin block reward to 3.125 BTC, mining companies are increasingly adopting renewable energy to lower operating costs.

Normally, higher BTC prices help offset the reduced subsidy, but 2025 defied expectations: after peaking above $126,000 in October, Bitcoin’s price dropped sharply to $80,000 by November.

S19e XP Hydro And Bundle Deals

According to dealer price sheets, the S19e XP Hydro and the 3U S19 XP Hydro are being offered at roughly $3 per TH/s in some factory sales and promotions.

The S19 XP+ Hydro units are hovering near $4 per TH/s, market figures note. Older and immersion-ready models such as the S21 Immersion and S21+ Hydro are listed at about $7 to $8 per TH/s in certain offers while some auction listings started with bids near $5.5 per TH/s for S19k Pro variants.

Mining Margins Squeeze Operators

Mining income per unit of hashpower has fallen to levels not seen in several years, according to market trackers. That decline has pushed many operators to reassess expansion plans and look for cheaper gear or lower hosting rates.

Bitmain’s price moves appear geared toward shifting stock quickly rather than supporting margins. Some miners reported the price cuts were large enough to make previously unprofitable deployments look acceptable again — but only if power costs remain low and Bitcoin prices recover.

Market Reaction And Secondary Sales

Used-gear markets reacted fast. Some resellers cut prices further to match factory reductions, creating a cascade of lower bids and more machines changing hands.

Auction formats and bulk sales surfaced in public listings, which analysts say is a sign manufacturers are trying to clear inventory without publishing deep discounts across all channels.

Smaller operators voiced relief; larger operations said they were watching closely, weighing whether to buy new units or delay purchases.

Competition And Industry Context

Reports point to weak demand across the sector, not just at one maker. Competing brands have adjusted offers in response, and secondhand supply has swollen.

The overall effect has been a faster replacement cycle for the most efficient miners and an accelerated scrapping or resale of older rigs.

Hashprice metrics, which measure revenue per TH/s, are at multi-year lows, leaving less room for recovery unless Bitcoin’s price improves or electricity costs fall.

Short-term, cheaper new rigs could ease cash pressure for some operators who can deploy at favorable power rates. Long-term, the market may see consolidation as undercapitalized miners exit.

Featured image from Pexels, chart from TradingView

CoinGlass has drawn the crypto community’s attention to how much was liquidated from the Bitcoin and crypto market this year. The October 10 crash notably stands out as the largest liquidation event in the market’s history. 

Here’s How Much Was Liquidated From The Bitcoin and Crypto Market In 2025

A CoinGlass report revealed that the total nominal value of forced liquidations across both long and short positions was approximately $150 billion. This corresponds to a daily average of roughly between $400 and $500 million in routine leverage washing. CoinGlass noted that the vast majority of trading days were limited to liquidations, which were in the range of tens to hundreds of millions of dollars. As such, these movements had a limited impact on medium to long-term Bitcoin prices and crypto market structure. 

However, CoinGlass stated that the systemic stress was fully concentrated within a few extreme event windows, with the deleveraging event of October 10 being the most obvious for the Bitcoin and crypto market. On that day, the market-wide liquidation volume reached an extreme peak, with short and long liquidations surpassing $19 billion.

This marked the largest liquidation event in the Bitcoin and crypto market’s history and surpassed the single-day highs of all previous liquidation rounds. CoinGlass suggested that the magnitude of the October 10 liquidation may be much higher than $19 billion, given the disclosure timing of certain platforms and feedback from market makers. Based on this, the derivatives analysis platform estimates that the actual nominal liquidation scale likely reached between $30 and $40 billion. 

This figure represents a multiple of the second-highest liquidation event in the previous cycle, which occurred on April 18, 2021. CoinGlass noted that, structurally, the liquidations on that day were heavily skewed toward the long side, with long liquidations accounting for as much as 90% of total Bitcoin and crypto market liquidations. The platform stated that this indicates that prior to the event, BTC and related derivatives markets were in a state of extremely crowded long leverage. 

What Was Responsible For The October 10 Crash

CoinGlass noted that from a casual perspective, the trigger for the October 10 Bitcoin and crypto market crash was Trump’s announcement of 100% tariffs on Chinese goods. This is said to have significantly elevated market expectations for another round of trade tensions between the two countries, prompting investors to shift to a “risk-off” mode. 

However, beyond Trump’s announcement, CoinGlass stated that long leverage utilization in the derivatives market was elevated and that the basis between spot and futures was high. As such, the entire Bitcoin and crypto market was effectively in a fragile state characterized by “high valuation plus high leverage.” Therefore, the derivatives analysis platform suggested that Trump’s announcement was just a catalyst that brought the ‘House of Cards’ falling. 

At the time of writing, the Bitcoin price is trading at around $87,400, down almost 2% in the last 24 hours, according to data from CoinMarketCap.

Крупный американский банк JPMorgan заморозил счета двух стартапов, занимающихся разработкой стейблкоинов: BlindPay и Kontigo. Банк объяснил свои действия связями компаний с Венесуэлой, которая находится под жесткими санкциями США.

Bitcoin is closing the fourth quarter of 2025 on a weak note, reinforcing concerns that the market’s correction phase is far from over. After peaking at around $126,200 in early October, the flagship cryptocurrency has slipped into a sustained downturn, losing 30% of its market value at press time. 

Since that peak, Bitcoin has struggled to decisively reclaim the $92,000 level, with repeated rejection at higher prices highlighting fading demand and growing caution among investors. Notably, crypto analyst GugaOnChain warns that the poor quarterly close could extend downside pressure into early 2026, as both on-chain data and sentiment indicators point to a continuation of bearish conditions.

Capitulation Indicators Signal Market Stress To Remain In 2026

According to GugaOnChain in the QuickTake post on Friday, the BTC: Quarterly Price Performance indicator reports a negative Q4 performance of -19.15%, which serves as the foundation of this bearish outlook. Furthermore, several key capitulation indicators also suggest that the market is unprepared for any form of bullish revival. 

For example, the Spent Output Profit Ratio (SOPR) currently sits below 1 at 0.99, indicating that investors are selling Bitcoin at a loss, a common feature of bear market phases. Similarly, the Short-Term Holder MVRV (MVRV-STH) remains below 1 at 0.87, signaling that short-term holders are deeply underwater and more prone to capitulation at the moment.

Further reinforcing this narrative, GugaOnChain points to the elevated percentage of Bitcoin supply in loss, currently standing at 35.66%, pushing more BTC holders into significant loss positions, thereby reducing confidence and driving market stress. In addition to these metrics, the Fear & Greed Index has dropped into the “extreme fear” zone at 20, suggesting widespread pessimism and risk aversion among participants.

 

Bear Market Confirmation Indicators

Beyond capitulation metrics, GugaOnChain highlights additional confirmation indicators that suggest that downside risks will remain dominant in the near term. One of these indicators, the Market Cap Growth Rate, measured by the 30-day versus 365-day moving average gap ratio, is firmly negative at -11.65%, pointing to contracting market growth rather than expansion.

Institutional flows also reflect waning confidence. US Bitcoin spot ETFs recorded $825.7 million in net outflows between December 18 and December 24, 2025, highlighting reduced institutional appetite as the Q4 price struggles persist. Meanwhile, the Coinbase Premium Gap has remained negative at –66.11, signaling weaker demand from US-based investors compared to offshore markets.

In assessing these several metrics together, GugaOnChain concludes the crypto market is likely to remain in a bear phase for the next two to three months. Therefore, investors should anticipate further corrections in the first quarter of 2026 until the capitulation signals ease and demand is stabilized.

At press time, Bitcoin trades at $87,436, reflecting a slight market loss of 0.42% in the last day.

В интернете распространился пресс‑релиз о запуске новой платформы CircleMetals от финтех-компании Circle, эмитента стейблкоина USDC. В сообщении утверждалось, что сервис обеспечит торговлю токенизированными золотом и серебром, а также обмен стейблкоинов на цифровые аналоги драгоценных металлов.

Пользователи американского сервиса Grubhub для заказа и доставки еды пожаловались на электронные письма, в котором взломавшие сервис хакеры обещали в преддверии новогодних праздников раздать биткоины.

Основатель Cardano Чарльз Хоскинсон (Charles Hoskinson) раскритиковал традиционные банки, заявив, что они пытаются скопировать действующие блокчейны.

Пенсионный фонд Флориды добавил в свой инвестиционный портфель акции американской компании Strategy, сообщили аналитики The Coin Republic. Ценные бумаги компании сильно зависят от стоимости биткоина, поскольку Strategy — крупнейший корпоративный держатель BTC.

Директор криптосервиса Solv Protocol под псевдонимом Catherine is Solving считает, что кратковременный обвал биткоина в паре с запущенным командой президента США стейблкоином USD1 до $24 000 в католический сочельник был вызван промоакцией биржи Binance, которая предложила хорошую доходность для токена Трампа.

On-chain data shows the year 2025 saw Bitcoin mining become notably harder for miners as Difficulty witnessed net growth of 35%.

Bitcoin Difficulty Has Crossed 148 Trillion Hashes

2025 is coming to a close, and it was a year where Bitcoin miners significantly expanded their facilities. According to data from Blockchain.com, the network Hashrate, a measure of the total amount of computing power connected by the miners, has seen its 7-day average value go from 795.7 terahashes per second (TH/s) at the start of the year to 1070.3 TH/s today.

During this phase of growth, the Hashrate set multiple new records, with the final all-time high (ATH) of 1,151.6 TH/s coming in October. Since then, the metric has slowed down, but even with the decline to the current level, it remains about 34.5% up since January 1st.

Bitcoin miner revenue mostly comes from the block subsidy, which remains fixed in BTC value outside of Halving events, so miners tend to be dependent on growth in the price for a boost in their income. This is why the Hashrate usually follows the price trend.

From the chart, it’s visible that the Hashrate’s ATH came right after the top in the cryptocurrency and the pullback in the metric since then has also come alongside a drawdown in the price. Miners have been more resilient than the asset, however, as BTC is down year-to-date, while the Hashrate is still up notably.

Growth in the Bitcoin Hashrate always results in an increase in another metric, called the Difficulty. The Difficulty is a feature baked into the blockchain’s code, controlling how hard miners would find it to discover the next block on the network.

It automatically changes its value about every two weeks, based on how miners performed since the last adjustment. Satoshi set a standard block time of 10 minutes for the network to follow; if miners take an average period faster than this to add blocks, the chain increases the Difficulty.

The exact degree of the upward adjustment is always just enough to counteract the speed increase of the miners. In other words, it balances out the jump in the Hashrate.

As miners were in a phase of growth this year, Bitcoin had to repeatedly elevate its Difficulty, setting new ATHs in the process.

Since setting a new record above 155 trillion hashes in October, the Bitcoin Difficulty has also witnessed a decline. Even so, the metric at its current value of about 148.2 is still 35% up compared to the 109.8 trillion hashes level from the start of the year.

The growth in the Difficulty has been pretty similar to that in the Hashrate, a natural consequence of the former reacting to the latter.

BTC Price

Bitcoin saw recovery above $89,000 earlier, but it seems the rally couldn’t last as the asset is already back at $87,300.

Japan’s upcoming tax reform is expected to restructure the way crypto assets are treated in the country next year, changing digital assets classification and introducing a separate taxation system for different transactions.

Japan Proposes New Taxation System

On Friday, local news media outlets shared key details of Japan’s upcoming FY2026 Tax Reform Outline, published by the Liberal Democratic Party and the Japan Innovation Party on December 19.

CoinPost reported that the 2026 tax reform will introduce significant changes to current taxation system related to the classification and regulation of crypto assets, which have been long requested by Japanese investors.

Notably, the plan has proposed classifying digital assets as financial products, which indicates a shift from their previous treatment as speculative assets. As a result, the reform is exploring the introduction of a separate taxation system to crypto income, similar to stocks and investment trusts.

According to the report, separate taxation and comprehensive taxation may not cover the same transactions. Under the existing system, crypto gains are taxed as “miscellaneous income,” with rates reaching up to 55%. The regular taxation system and miscellaneous income reporting may still apply depending on the transaction type.

The reform outlines that crypto spot trading, derivative transactions, and Exchange-Traded Funds (ETFs) would be subject for the separate taxation system. However, there’s no specific mention of reward-based transactions like staking or lending, suggesting that the applicable income category and taxation method for these transactions will require future addressing.

Its worth noting that taxation for these transactions is split between the time of acquisition and the time of sale. When crypto assets are received as a reward for activities like staking, it is valued at market price at the time of acquisition and taxed as miscellaneous income. If the rewards are sold later, the resulting capital gain is subject to additional taxation.

Meanwhile, Non-Fungible Tokens (NFTs) will likely remain subject to the comprehensive taxation, as the reform doesn’t explicitly mention them, suggesting that NFTs trading and similar activities could continue to be treated as miscellaneous income and fall under the comprehensive taxation.

Tax Reform To Separate ‘Specified Crypto Assets’

The local news outlet also highlighted that the separate taxation system may apply only to limited cryptocurrencies, as the reform stipulates the new taxation and reporting system for crypto trading business “businesses based on the premise of ‘trading in specified crypto assets.’”

This could suggest that the “specified crypto assets” mentioned in the tax reform outline may not include all digital assets, but could be limited to those within a certain institutionally defined scope.

“Based on the outline’s wording, it is an important point to note that not all cryptocurrency transactions will uniformly fall under the new system; rather, a system design delineating a specific scope is likely to be implemented,” the report detailed.

Moreover, the 2026 tax reform outlined a proposal to allows losses from crypto transactions to be eligible for carryforward deductions for up to three years, similar to FX and stock policies in Japan.

The introduction of carryforward deductions is expected to make tax adjustments easier, as investors previously had to offset unrealized losses against gains in profitable years to reduce taxable income.

Lastly, the report noted the potential introduction of an exit tax in the future. Under the current system, crypto assets are not subject exit tax upon leaving Japan. However, the reclassification as financial instruments under the Financial Instruments and Exchange Act could open the door to a system where unrealized gains become taxable upon departure